Key facts
- Citi and DBS completed the first weekend tokenized cross-border deposit transaction using Swift's digital ledger.
- The transaction settled in minutes, significantly faster than traditional methods.
- This enables 24/7 instant cross-border USD payments, benefiting industries like e-commerce.
- Similar tokenized transactions have been previously completed by HSBC and Standard Chartered on Swift's network.
- DBS and JPMorgan plan to develop a blockchain-based tokenization framework by November 2025.
- Citi and other US banks aim to launch a separate tokenized deposit network by mid-2027.
Financial services giants Citi and DBS have successfully completed the first tokenized cross-border deposit transaction over a weekend, utilizing Swift's blockchain-based Digital Ledger. This move bypasses the limitations of traditional banking hours, allowing for near-instantaneous settlement.
The transaction, which took only minutes to finalize, represents a significant improvement over the typical one to two business days required for conventional cross-border transfers. DBS highlighted this as a key advancement in interbank payments.
This development underscores the growing adoption of blockchain technology by traditional financial institutions to enhance the efficiency of cross-border transactions while maintaining regulatory compliance and keeping deposits within established banking systems. It follows similar successful tokenized cross-border transactions conducted by Standard Chartered and HSBC on Swift's network.
Swift had announced in July that its blockchain-based ledger was ready for initial use and began piloting tokenized cross-border payments with 17 major banks, including Citi and DBS. Citi is also participating in a separate initiative with other large U.S. banks to launch their own tokenized deposit network by mid-2027, operated by The Clearing House.
Furthermore, DBS and JPMorgan revealed plans in November 2025 to collaborate on a blockchain-based tokenization framework aimed at enabling on-chain transfers between their respective deposit token ecosystems, with the goal of establishing an industry standard for interbank payments.